News Release

Nov. 20, 2025

JCR Assigned A+ to SPIRE SA Series 2025-608

The Bank of Kyoto: Second Party Opinion on Impact Finance Framework

Nov. 19, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on IDEC

JCR Affirmed A/Stable Long-term Issuer Rating on SHIP HEALTHCARE HD

JCR Affirmed A+/Stable on TIS and INTEC

JCR Affirmed A+/Stable and J-1 on Nabtesco

JCR Affirmed #A+/Positive on Daishi Hokuetsu Financial Group and Daishi Hokuetsu Bank; Continues Credit Monitor

JCR Assigned BBB+ Rating to Bonds of IDOM

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-11

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust 2024 Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Green Project Bond Trust 2 Beneficial Interest and Trust ABL

MORI BUILDING: Evaluation of Conformity of Bonds no. 27 to Sustainable Finance Framework

Nov. 18, 2025

NIDEC Releases Semi-annual Report and Other Financial Materials for FY2025—Loss Reporting to Have Limited Impact on Finances, Third-party Committee’s Investigation Findings to Be Closely Watched

JCR Affirmed AA-/Stable and J-1+ on Sanwa HD

JCR Affirmed A/Stable Long-term Issuer Rating on DAIICHIKOSHO

JCR Assigned A- Rating to Bonds of African Export-Import Bank

Nov. 17, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal HD

JCR Assigned A- to Voyager Limited Series 2017-2488

Nov. 14, 2025

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Kanagawa Chuo Kotsu

JCR Affirmed A-/Stable Long-term Issuer Rating on GIFU SHINKIN BANK

JCR Affirmed AA/Stable Long-term Issuer Rating on Marubeni Private Real Estate Investment Trust

JCR Assigned A Rating to Bonds of JAPAN NUCLEAR FUEL

[ Asset Securitization Products ] JCR Assigned J-1+ to 2nd Trust Beneficial Interest (Class A)

JCR Assigned A to SPIRE SA Series 2025-553

JCR Assigned AA- to SPIRE SA Series 2025-554

TRS, The Ashikaga Bank: Second Opinion on Positive Impact Finance

Nov. 13, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on ShinMaywa Industries

JCR Affirmed A+/Stable Long-term Issuer Rating on NSK

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HARIMA CHEMICALS GROUP

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kenedix Private Investment Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating on Daiwa House Global REIT

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned A Rating to Bonds of Starts Proceed Investment Corporation

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORPORATION

JCR Assigned AA- to SPIRE SA Series 2025-78

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) October 2025

Nov. 12, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Seven & i HD and SEVEN-ELEVEN JAPAN

JCR Affirmed AA-/Stable Long-term Issuer Rating on YAMAHA

Mizuho Bank: Second Party Opinion on Sustainability Linked Loan Framework (Review)

Nov. 11, 2025

JCR Upgraded Long-term Issuer Rating on FUTABA INDUSTRIAL to A-/Stable

JCR Affirmed AA/Stable and J-1+ on Mitsubishi Logistics

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Logistics Park

Nov. 10, 2025

JCR Affirmed A+/Stable Long-term Issuer Rating on IZUMI

JCR Affirmed J-2 Rating on CP of JALUX

JCR Assigned Preliminary BBB+ Rating to Preferred Shares of ANA HD

[ Asset Securitization Products ] JCR Assigned Preliminary AA+ to Beneficial Interest 202512

Nov. 07, 2025

JCR Affirmed A+/Stable (FC) and AA-/Stable (LC) on Malaysia

JCR Assigned BBB+ Rating to Bonds of GENDA

JCR Assigned A- Rating to Bonds of Renault

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned AA Rating to Bonds of Shinhan Bank

JCR Assigned A Rating to Notes of Bank of East Asia

JCR Assigned AA- Rating to Bonds of Slovenia

JCR Assigned Preliminary A- Rating to Bonds of African Export-Import Bank

Joint Green Bond Issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 6th

Nov. 06, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to AZ-COM MARUWA HD

JCR Assigned A-/Stable Long-term Issuer Rating to SATO

JCR Affirmed A/Stable and J-1 on Resonac HD

JCR Affirmed AA-/Stable FC Long-term Issuer Rating on Aflac Incorporated; AA+/Stable FC Long-term Issuer Rating on American Family Life Assurance Company of Columbus and Aflac Re Bermuda; and AA+/Stable Long-term Issuer Rating on Aflac Life Insurance Japan

JCR Affirmed A/Stable Long-term Issuer Rating on Ogaki Kyoritsu Bank and Kyoyu Lease; and J-1 on Kyoyu Lease

JCR Affirmed A-/Stable Long-term Issuer Rating on Shiba Shinkin Bank

[ Asset Securitization Products ] JCR Affirmed AAA on Class A1 and A2 Senior Beneficial Interests, and A- on Class B Beneficial Interest of DFC Beneficiary Interest 202106

Nov. 05, 2025

JCR Affirmed BBB and J-2 on Shinsho; Revised Outlook to Positive

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Tohoku University

JCR Affirmed AAA/Stable Long-term Issuer Rating on Hokkaido University

JCR Affirmed AAA/Stable and J-1+ on NTT TC Leasing

JCR Affirmed A-/Stable Long-term Issuer Rating on The Eastern and Southern African Trade and Development Bank and Eastern and Southern African Trade Fund

JCR Affirmed AA- on SPIRE SA Series 2020-217

Nov. 04, 2025

JCR Affirmed AA/Stable and J-1+ on NIPPON STEEL TRADING

JCR Affirmed AA-/Stable Long-term Issuer Rating on NIPPON STEEL ENGINEERING

JCR Affirmed AA/Stable Long-term Issuer Rating on Resona HD, Resona Bank, Saitama Resona Bank, Kansai Mirai Bank and MINATO BANK; and J-1+ on Kansai Mirai Bank

JCR Assigned Preliminary A- Rating to Bonds of African Export-Import Bank

JCR Assigned AA- to SPIRE SA Series 2025-230

Fukuoka Financial Group: Second Party Opinion on Sustainability Linked Loan Framework

Oct. 31, 2025

JCR Placed Rating on SCSK under Credit Monitor #A+/Positive

JCR Assigned AA-/Stable Long-term Issuer Rating to FFG Lease

JCR Upgraded Long-term Issuer Rating on Toyo Tire to A+/Stable; Affirmed J-1 on CP

JCR Upgraded Long-term Issuer Rating on Canadian Solar Infrastructure Fund to A+/Stable

JCR Affirmed A/Stable Long-term Issuer Rating on AOKI HD

JCR Affirmed A/Stable Long-term Issuer Rating on Amagasaki Shinkin Bank

JCR Affirmed A+/Stable and J-1 on Fukuoka Financial Group and AA-/Stable on BANK OF FUKUOKA, Kumamoto Bank, Juhachi-Shinwa Bank and FUKUOKA CHUO BANK

JCR Affirmed A/Stable Long-term Issuer Rating on Enex Infrastructure Investment Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Infrastructure Energy Investment Corporation

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned Preliminary A+ Rating to Shelf Registration of Tokyu Fudosan HD

JCR Assigned Preliminary A+ Rating to Shelf Registration of TSUBAKIMOTO CHAIN

JCR Assigned Preliminary A+ Rating to Shelf Registration of HASEKO

JCR Affirmed and Assigned BBB+ to Notes of REDI Core Issuer LLC

JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 10

JCR Affirmed AA to Long-term Issue Rating of Yamabuki Credit Service LLC

JCR Assigned Preliminary A(fp) Fund Portfolio Rating to SAIMUHOSHOU GOUDOUKINSHIN <202512>

NS UNITED KAIUN: Assigned Climate Transition Finance Framework Evaluation: Green 1(T)(F)

EXEO Group: Reviewed Green Bond Evaluation: Green 1

Shibusawa Logistics: Post-issuance Verification Report on Sustainability Linked Bond

Tokyu Fudosan Holdings: Second Party Opinion on Sustainability Linked Finance Framework

Mizuho Bank: Second Party Opinion on Mizuho Avoid Emissions Impact Finance Framework

Mifunekyoei, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance